Can anyone recomend a good honest factoring company?

Try talking to TBS out of OKY city heres there link http://www.tbsfactoring.com/ this is who we use for all our factoring and for the 2290 filings. They have online credit checks or you can call, really nice and helpful folks there.

 

What kind of volume? If you are looking to grow then I would look at ones that don't target independent O/O's. Corporate billing (www.corpbilling.com) seems to be a good company but they look for minimums but no lengthy contract - month-to-month. And they actually do collections.

 

oh forgot to add that TBS has trippak scanning, transflo scanning or can fax, get bills in by 2pm central time, money be in our account tomorrow morning.

 

I used CJM out of Akeny Iowa for two years. They let you pick who you want to have them fund, don't have a 100% requirement, but their credit standard is pretty high and they don't approve every invoice you might have. Always get your customer approved before accepting the freight. 24 hr ACH deposit which was nice. All good until I wanted to get away from them and fund cash flow myself, then they stuck it to me with some hidden exit fees.

 

I have been with Freight Capital for coming up on two years and pleased with them. The things that swayed me in their favor when shopping was not having to factor 100% of my business, a fair contract that was appropriate for a commercial credit line, and fuel card discounts to help offset the cost of doing business with them.

Another person I know, who's opinions I hold in high regard, has had a positive experience with Porter Billing Services out of Birmingham, AL. I know he's the type to be a hard sell, so they must be doing something right. I've looked them over and would consider going to them if I wasn't already fully satisfied where I'm at.

Do yourself a favor and do some shopping. They all do pretty much the same thing. The number one warning flag I saw when shopping was buried in the contract. The bad ones will include an unlimited power of attorney that enables them to take title to everything you own if things go sideways. A good factoring contract will read more like a commercial loan contract from a bank.

 

Red, I've been looking at freight capital lately. Their website doesn't give much in the way of specifics. I'm curious if I can just factor on whichever loads I choose or if I set up factoring with a certain broker am I then commited to factor every load I haul for that broker ?

 

I have been using Sienna Funding out of Waldwick, NJ now for 6 years, no complaints. They are a sister company to BTC, the flatbed operation out of Memphis. Seem to be very stable. Never had any issues, fax bills in by 12:30 EST get paid same business day. There rates are reasonable. The only issue I have is the fact that I have to factor 100% of all loads, which most factoring companies require you to do. There NO factoring list is big BUT within REASON. Credit checks are available by calling them.

 

Some of these factoring companies are worse then a loan shark.... they think they own you.